May 31, 2024 Michael M. Day Law Firm

Do I Need a Lawyer if the Insurance Company Has Already Offered Me Money?

Many people think that the whole purpose of hiring a personal injury lawyer is to get the insurance company to pay damages. If the insurance company offers to pay compensation right away, then what does the lawyer do? The insurance company will tell you that you don’t need an attorney because they’re taking care of you.

But remember that the insurance company doesn’t work for you. Your personal injury attorney does. The insurance company wants to pay out as little as possible. Your attorney wants you to get fair compensation to meet your needs for the future. You can trust your attorney because they only succeed when you do. You can’t trust the insurance company because their interests are the exact opposite of yours. If you win, they lose. And they don’t like to lose. So the short answer is, “Yes, you need an attorney if the insurance company has offered you money.” Let’s look at the reasons why and what your attorney can do for you.

You Probably Don’t Know the Full Value of Your Claim

If the insurance company has offered a settlement, that means they believe you have a strong chance of succeeding in court, and they think you will win if your case goes to trial. They know what your claim is worth because they work with injury claims all day every day.

So do we. Experienced personal injury lawyers also work with injury claims all day, every day, and we can project the value of your future losses and needs and evaluate your circumstances in line with legal precedent to determine the value of your claim. Attorneys know that the first offer made by an insurance company is likely to be only a small fraction of what your claim is worth. The insurance company has no incentive to offer you full value. They are hoping you will accept the money they offer and go away quietly.

Unless you work with personal injury claims on a regular basis, it will be very difficult for you to determine the value of your claim on your own. You will know what your medical bills in the past have been, and you may know how much you’ve lost being out of work, but it takes some skill to project these losses into the future and calculate the current value. Estimating future medical expenses requires considerable knowledge of the medical field. But the most difficult task is determining the value of your intangible losses such as pain, suffering, loss of consortium, and mental anguish. These losses do not have a direct economic equivalent, yet they have a tremendous impact on the quality of your life, and the value of these losses is often set much higher than the value of economic losses such as medical expenses.

An experienced injury attorney will be able to calculate a reasonable value for your claim so that you will know when an insurance company’s offer provides full and fair compensation for your losses.

Once You Accept Anything, You Can’t Change Your Mind

One factor that the insurance company will probably not emphasize is that once you accept money or anything of “value” from them, you will be agreeing to settle your claim against them once and for all. If your injuries later turn out to have lifelong consequences requiring extensive surgery and eventually leading to full disability, you cannot go back and request more money. You only have one opportunity.

Before you accept a settlement, you need to be certain that you are receiving the full amount you’re entitled to. It usually takes considerable time to figure out that amount. It takes time to fully gauge the severity and impact of your injuries and the extent to which your physical recovery may be limited. Insurance companies will often try to pressure someone who’s been in a car accident, injured in a slip and fall incident, or hurt in a collision involving a commercial truck or motorcycle. They might threaten that if you don’t accept their offer right away, the offer will be withdrawn and you won’t get another chance.

This is an empty threat. You have until the statute of limitations runs out to file a lawsuit against the responsible person, and if the insurance company knows that you are likely to win the lawsuit, they are eventually likely to offer you a fair settlement in line with the amounts requested by your attorney.

The Right Personal Injury Attorney Can Help with More Than Just Money

When you have been injured, no amount of money can restore your lost health. You need money to pay for care and treatment, but finding the right care is often a challenge. An experienced and compassionate personal injury lawyer who has worked with numerous accident victims will understand many of the physical, mental, and emotional issues you are facing. The right attorney will want to help you as a person recover not just money but your life.

For instance, at Michael M. Day Law Firm, LLC, we can help you get a second opinion from doctors so that you can reach your maximum level of recovery. We listen, we care, and work to obtain justice when you’ve been hurt by the wrongdoing of others. The support we provide is aimed to help you emerge from the ordeal empowered and ready to move forward.

Find Out What Your Claim is Really Worth

Michael M. Day Law Firm offers free consultations so you can talk directly to an experienced attorney and find out what your claim is worth before you decide whether to work with our team. So you have nothing to lose—and quite a bit to gain—by giving us a call if you’ve received an offer from an insurance company. Take a look at our 5-Star Google reviews, testimonials, and results. But we’d appreciate having the chance directly to explain how we can assist with your case and help you rebuild your life after your injury. To get started, contact us online or call 404-480-4284.